Digital Realty Trust (DLR)

Our Company. We completed our initial public offering of common stock, or our IPO, on November 3, 2004. We believe that we have operated in a manner that has
enabled us to qualify, and have elected to be treated, as a Real Estate Investment Trust (REIT) under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, or the Code. Our company was formed on March 9, 2004. During the
period from our formation until we commenced operations in connection with the completion of our IPO we did not have any corporate activity other than the issuance of shares of common stock in connection with the initial capitalization of the
company. Any reference to our, we and us in this filing includes our company and our predecessor. Our predecessor is comprised of the real estate activities and holdings of Global Innovation Partners LLC, or GI
Partners, which GI Partners contributed to us in connection with our IPO.

Business and strategy. Our primary business objectives are to maximize:
(i) sustainable long-term growth in earnings and funds from operations per share and (ii) cash flow and returns to our stockholders. We expect to achieve our objectives by focusing on our core business of investing in and redeveloping
technology-related real estate. A significant component of our current and future internal growth is anticipated through the development of our existing space held for redevelopment and new properties. We target high

quality, strategically located properties containing applications and operations critical to the day-to-day operations of
corporate enterprise datacenter and technology industry tenants and properties that may be redeveloped for such use. Most of our properties contain fully redundant electrical supply systems, multiple power feeds, above-standard precision cooling
systems, raised floor areas, extensive in-building communications cabling and high-level security systems. We focus solely on technology-related real estate because we believe that the growth in corporate datacenter adoption and the
technology-related real estate industry generally will be superior to that of the overall economy.

As of March 31, 2009, we owned an aggregate of 75 technology-related real estate properties, excluding one property held as an investment in an unconsolidated joint venture, with 13.0 million rentable square feet including
approximately 1.2 million square feet of space held for redevelopment. At March 31, 2009, approximately 196,000 square feet of our space held for redevelopment was under construction for Turn-Key DatacenterSM, build-to-suit datacenter and Powered Base Building space in four U.S. and European markets.

We have developed detailed, standardized procedures for evaluating acquisitions to ensure that they meet our financial, technical and other criteria. We
expect to continue to acquire additional assets as a part of our growth strategy. We intend to aggressively manage and lease our assets to increase their cash flow. We intend to continue to build out our redevelopment portfolio when justified by
anticipated returns.

We may acquire properties subject to existing mortgage financing and other indebtedness or new indebtedness may be incurred in
connection with acquiring or refinancing these properties. Debt service on such indebtedness will have a priority over any dividends with respect to our common stock and our preferred stock. We currently intend to limit our indebtedness to 60% of
our total market capitalization and, based on the closing price of our common stock on March 31, 2009 of $33.18, our ratio of debt to total market capitalization was approximately 30% as of March 31, 2009. Our total market capitalization
is defined as the sum of the market value of our outstanding common stock (which may decrease, thereby increasing our debt to total market capitalization ratio), excluding options issued under our incentive award plan, plus the liquidation value of
our preferred stock, plus the aggregate value of the units not held by us (with the per unit value equal to the market value of one share of our common stock and excluding long-term incentive units and Class C Units), plus the book value of our
total consolidated indebtedness.

Revenue Base. As of March 31, 2009, we owned 75 properties through our Operating Partnership, excluding one
property held as an investment in an unconsolidated joint venture. These properties are mainly located throughout the U.S., with 13 properties located in Europe and one property in Canada. We acquired our first portfolio property in January 2002 and
have added properties as follows:

Year Ended December 31:

PropertiesAcquired (1)

Net RentableSquare FeetAcquired (2)

Square Feet of Space Heldfor Redevelopment as ofMarch 31, 2009 (3)

2002

5

1,125,292

19,890

2003

6

1,009,448

48,912

2004

10

2,609,864

76,605

2005

20

3,206,535

303,762

2006

16

2,059,832

161,766

2007

13

1,601,936

215,008

2008

5

171,666

392,582

Properties owned as of March 31, 2009

75

11,784,573

1,218,525

(1)

Excludes properties sold in 2007 and 2006: 100 Technology Center Drive (March 2007), 4055 Valley View Lane (March 2007) and 7979 East Tufts Avenue (July 2006). Also excludes a
leasehold interest acquired in March 2007 related to an acquisition made in 2006.

(2)

Excludes space held for redevelopment.

(3)

Redevelopment space is unoccupied space that requires significant capital investment in order to develop datacenter facilities that are ready for use. Most often this is shell
space. However, in certain circumstances this may include partially built datacenter space that was not completed by previous ownership and requires a large capital investment in order to build out the space. The amounts included in this table
represent redevelopment space as of March 31, 2009 in the properties acquired during the relevant period.

As of March 31, 2009,
the properties in our portfolio were approximately 95.1% leased excluding 1.2 million square feet held for redevelopment. Due to the capital intensive and long term nature of the operations being supported, our lease terms are generally longer
than standard commercial leases. As of March 31, 2009, our original average lease term was in excess of 13 years, with an average of eight years remaining. The majority of our leasing since the completion of our initial public offering in
November 2004 has been at lease terms shorter than 12 years. Our lease expirations through December 31, 2010 are 9.6% of net rentable square feet

excluding space held for redevelopment as of March 31, 2009. Operating revenues from properties outside the United
States were $19.5 million and $10.5 million for the three months ended March 31, 2009 and 2008, respectively.

Our Company. We completed our initial public offering of common stock, or our IPO, on November 3, 2004. We believe that we have operated in a
manner that has enabled us to qualify, and have elected to be treated, as a Real Estate Investment Trust (REIT) under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, or the Code. Our company was formed on March 9,
2004. During the period from our formation until we commenced operations in connection with the completion of our IPO we did not have any corporate activity other than the issuance of shares of common stock in connection with the initial
capitalization of the company. Any reference to our, we and us in this filing includes our company and our predecessor. Our predecessor is comprised of the real estate activities and holdings of Global Innovation
Partners LLC, or GI Partners, which GI Partners contributed to us in connection with our IPO.

Business and strategy. Our primary
business objectives are to maximize: (i) sustainable long-term growth in earnings and funds from operations per share and (ii) cash flow and returns to our stockholders. We expect to achieve our objectives by focusing on our core business
of investing in and redeveloping technology-related real estate. A significant component of our current and future internal growth is anticipated through the development of our existing space held for redevelopment and new properties. We target high
quality, strategically located properties containing applications and operations critical to the day-to-day operations of corporate enterprise datacenter and technology industry tenants and properties that may be redeveloped for such use. Most of
our properties contain fully redundant electrical supply systems, multiple power feeds, above-standard precision cooling systems, raised floor areas, extensive in-building communications cabling and high-level security systems. We focus solely on
technology-related real estate because we believe that the growth in corporate datacenter adoption and the technology-related real estate industry generally will be superior to that of the overall economy.

As of December 31, 2008, we owned an aggregate of 75 technology-related real estate
properties, excluding one property held as an investment in an unconsolidated joint venture, with 13.0 million rentable square feet including approximately 1.6 million square feet of space held for redevelopment. At December 31, 2008,
approximately 409,000 square feet of our space held for redevelopment was under construction for Turn-Key DatacenterSM and build-to-suit datacenter
space in six U.S. and European markets.

We have developed detailed, standardized procedures for evaluating acquisitions to ensure that
they meet our financial, technical and other criteria. We expect to continue to acquire additional assets as a part of our growth strategy. We intend to aggressively manage and lease our assets to increase their cash flow. We intend to continue to
build out our redevelopment portfolio when justified by anticipated returns.

We may acquire properties subject to existing mortgage
financing and other indebtedness or we may incur new indebtedness in connection with acquiring or refinancing these properties. Debt service on such indebtedness will have a priority over any cash dividends with respect to our common stock and our
preferred stock. We currently intend to limit our indebtedness to 60% of our total market capitalization and, based on the closing price of our common stock on December 31, 2008 of $32.85, our ratio of debt to total market capitalization was
approximately 30% as of December 31, 2008. Our total market capitalization is defined as the sum of the market

value of our outstanding common stock (which may decrease, thereby increasing our debt to total market capitalization ratio), excluding options issued under
our incentive award plan, plus the liquidation value of our preferred stock, plus the aggregate value of the units not held by us (with the per unit value equal to the market value of one share of our common stock and excluding long-term incentive
units and Class C units), plus the book value of our total consolidated indebtedness.

Revenue Base. As of December 31, 2008,
we owned 75 properties through our Operating Partnership, excluding one property held as an investment in an unconsolidated joint venture. These properties are mainly located throughout the U.S., with 13 properties located in Europe and one property
in Canada. We acquired our first portfolio property in January 2002 and have added properties as follows:

Year Ended December 31:

PropertiesAcquired(1)

Net RentableSquare FeetAcquired(2)

Square Feet of Space Heldfor Redevelopment as ofDecember 31, 2008(3)

2002

5

1,125,292

19,890

2003

6

940,498

117,862

2004

10

2,609,864

76,605

2005

20

3,186,187

324,110

2006

16

2,059,832

161,766

2007

13

1,317,763

456,797

2008

5

147,666

416,582

Properties owned as of December 31, 2008

75

11,387,102

1,573,612

(1)

Excludes properties sold in 2007 and 2006: 100 Technology Center Drive (March 2007), 4055 Valley View Lane (March 2007) and 7979 East Tufts Avenue (July 2006). Also excludes a
leasehold interest acquired in March 2007 related to an acquisition made in 2006.

(2)

Excludes space held for redevelopment.

(3)

Redevelopment space is unoccupied space that requires significant capital investment in order to develop datacenter facilities that are ready for use. Most often this is shell
space. However, in certain circumstances this may include partially built datacenter space that was not completed by previous ownership and requires a large capital investment in order to build out the space. The amounts included in this table
represent redevelopment space as of December 31, 2008 in the properties acquired during the relevant period.

As of
December 31, 2008, the properties in our portfolio were approximately 94.9% leased excluding 1.6 million square feet held for redevelopment. Due to the capital intensive and long term nature of the operations being supported, our lease
terms are generally longer than standard commercial leases. As of December 31, 2008, our original average lease term was in excess of 13 years, with an average of seven years remaining. The majority of our leasing since the completion of our
IPO has been at lease terms shorter than 12 years. Our lease expirations through December 31, 2010 are 12.7% of net rentable square feet excluding space held for redevelopment as of December 31, 2008. Operating revenues from properties
outside the United States were $52.2 million, $34.2 million and $13.2 million for the years ended December 31, 2008, 2007 and 2006, respectively.

Our Company. We completed our initial public offering of common stock (IPO) on November 3, 2004. We believe that we have operated in a manner that has
enabled us to qualify, and have elected to be treated, as a Real Estate Investment Trust (REIT) under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the Code). Our company was formed on March 9, 2004. During the
period from our formation until we commenced operations in connection with the completion of our IPO we did not have any corporate activity other than the issuance of shares of common stock in connection with the initial capitalization of the
company.

Any reference to our, we and us in this filing includes our company and our predecessor. Our predecessor is comprised of
the real estate activities and holdings of Global Innovation Partners LLC, or GI Partners, which GI Partners contributed to us in connection with our IPO.

Business and strategy. Our primary business objectives are to maximize: (i) sustainable long-term growth in earnings and funds from operations per share and (ii) cash flow and returns to our stockholders. We expect to
achieve our objectives by focusing on our core business of investing in and redeveloping technology-related real estate. A significant component of our current and future internal growth is anticipated through the development of our existing space
held for redevelopment and new properties. We target high quality, strategically located properties containing applications and operations critical to the day-to-day operations of corporate enterprise datacenter and technology industry tenants and
properties that may be redeveloped for such use. Most of our properties contain fully redundant electrical supply systems, multiple power feeds, above-standard precision cooling systems, raised floor areas, extensive in-building communications
cabling and high-level security systems. We focus solely on technology-related real estate because we believe that the growth in corporate datacenter adoption and the technology-related real estate industry generally will be superior to that of the
overall economy.

As of September 30, 2008, we owned an aggregate of 74 technology-related real estate properties, excluding one property held as an
investment in an unconsolidated joint venture, with 12.9 million rentable square feet including approximately 1.6 million square feet of space held for redevelopment. At September 30, 2008, approximately 294,000 square feet of our
space held for redevelopment was under construction for Turn-Key Datacenter, build-to-suit datacenter and Powered Base Building space in five U.S. and European markets.

We have developed detailed, standardized procedures for evaluating acquisitions to ensure that they meet our financial, technical and other criteria. We expect to continue to acquire additional assets as a key part of
our growth strategy. We intend to aggressively manage and lease our assets to increase their cash flow. We will continue to build out our redevelopment portfolio when justified by anticipated returns.

We may acquire properties subject to existing mortgage financing and other indebtedness or new indebtedness may be incurred in connection with acquiring or refinancing
these properties. Debt service on such indebtedness will have a priority over any dividends with respect to our common stock and our preferred stock. We currently intend to limit our indebtedness to 60% of our total market capitalization and, based
on the closing price of our common stock on September 30, 2008 of $47.25, our ratio of debt to total market capitalization was approximately 23% as of September 30, 2008. Our total market capitalization is defined as the sum of the market
value of our outstanding common stock (which may decrease, thereby increasing our debt to total market capitalization ratio), excluding options issued under our incentive award plan, plus the liquidation value of our preferred stock, plus the
aggregate value of the units not held by us (with the per unit value equal to the market value of one share of our common stock and excluding long-term incentive units and Class C units), plus the book value of our total consolidated indebtedness.

Revenue Base. As of September 30, 2008, we owned 74 properties through our Operating Partnership, excluding one property held as an investment
in an unconsolidated joint venture. These properties are mainly located throughout the U.S., with 13 properties located in Europe and one property in Canada. We acquired our first portfolio property in January 2002 and have added properties as
follows:

Excludes properties sold in 2007 and 2006: 100 Technology Center Drive (March 2007), 4055 Valley View Lane (March 2007) and 7979 East Tufts Avenue (July 2006). Also excludes a
leasehold interest acquired in March 2007 related to an acquisition made in 2006.

(2)

Excludes space held for redevelopment.

(3)

Redevelopment space is unoccupied space that requires significant capital investment in order to develop datacenter facilities that are ready for use. Most often
this is shell space. However, in certain circumstances this may include partially built

datacenter space that was not completed by previous ownership and requires a large capital investment in order to build out the space. The amounts included
in this table represent redevelopment space as of September 30, 2008 in the properties acquired during the relevant period.

As of
September 30, 2008, the properties in our portfolio were approximately 95.2% leased excluding 1.6 million square feet held for redevelopment. Due to the capital intensive and long term nature of the operations being supported, our lease
terms are generally longer than standard commercial leases. As of September 30, 2008, our original average lease term was in excess of 13 years, with an average of seven years remaining. The majority of our leasing since the completion of our
initial public offering in November 2004 has been at lease terms shorter than 12 years. Our lease expirations through December 31, 2009 are 6.9% of net rentable square feet excluding space held for redevelopment as of September 30, 2008.
Operating revenues from properties outside the United States were $13.2 million and $9.0 million for the three months ended September 30, 2008 and 2007, respectively and $35.6 million and $24.1 million for the nine months ended
September 30, 2008 and 2007, respectively.

Our Company. We completed our initial public offering of common stock (IPO) on November 3, 2004. We believe that we
have operated in a manner that has enabled us to qualify, and have elected to be treated, as a Real Estate Investment Trust (REIT) under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the Code). Our company was formed on
March 9, 2004. During the period from our formation until we commenced operations in connection with the completion of our IPO we did not have any corporate activity other than the issuance of shares of common stock in connection with the
initial capitalization of the company. Any reference to our, we and us in this filing includes our company and our predecessor. Our predecessor is comprised of the real estate activities and holdings of Global
Innovation Partners LLC, or GI Partners, which GI Partners contributed to us in connection with our IPO.

Business and strategy. Our primary
business objectives are to maximize: (i) sustainable long-term growth in earnings and funds from operations per share and (ii) cash flow and returns to our stockholders. We expect to achieve our objectives by focusing on our core business
of investing in and redeveloping technology-related real estate. A significant component of our current and future internal growth is anticipated through the development of our existing space held for redevelopment and new properties. We target high
quality, strategically located properties containing applications and operations critical to the day-to-day operations of corporate enterprise datacenter and technology industry tenants and properties that may be redeveloped for such use. Most of
our properties contain fully redundant electrical supply systems, multiple power feeds, above-standard precision cooling systems, raised floor areas,

extensive in-building communications cabling and high-level security systems. We focus solely on technology-related real estate because we believe that the
growth in corporate datacenter adoption and the technology-related real estate industry generally will be superior to that of the overall economy.

As of
June 30, 2008, we owned an aggregate of 74 technology-related real estate properties, excluding one property held as an investment in an unconsolidated joint venture, with 12.9 million rentable square feet including approximately
1.9 million square feet of space held for redevelopment. At June 30, 2008, approximately 456,000 square feet of our space held for redevelopment was under construction for Turn-Key Datacenter, build-to-suit datacenter and Powered
Base Building space in eight U.S. and European markets.

We have developed detailed, standardized procedures for evaluating acquisitions to ensure
that they meet our financial, technical and other criteria. We expect to continue to acquire additional assets as a key part of our growth strategy. We intend to aggressively manage and lease our assets to increase their cash flow. We will continue
to build out our redevelopment portfolio when justified by anticipated returns.

We may acquire properties subject to existing mortgage financing and other
indebtedness or new indebtedness may be incurred in connection with acquiring or refinancing these properties. Debt service on such indebtedness will have a priority over any dividends with respect to our common stock and our preferred stock. We
currently intend to limit our indebtedness to 60% of our total market capitalization and, based on the closing price of our common stock on June 30, 2008 of $40.91, our ratio of debt to total market capitalization was approximately 27% as of
June 30, 2008. Our total market capitalization is defined as the sum of the market value of our outstanding common stock (which may decrease, thereby increasing our debt to total market capitalization ratio), excluding options issued under our
incentive award plan, plus the liquidation value of our preferred stock, plus the aggregate value of the units not held by us (with the per unit value equal to the market value of one share of our common stock and excluding long-term incentive units
and Class C units), plus the book value of our total consolidated indebtedness.

Revenue Base. As of June 30, 2008, we owned 74 properties
through our Operating Partnership, excluding one property held as an investment in an unconsolidated joint venture. These properties are mainly located throughout the U.S., with 13 properties located in Europe and one property in Canada. We acquired
our first portfolio property in January 2002 and have added properties as follows:

Year Ended December 31:

PropertiesAcquired (1)

Net RentableSquare FeetAcquired (2)

Square Feet of Space Heldfor Redevelopment as ofJune 30, 2008 (3)

2002

5

1,125,292

19,890

2003

6

878,861

179,499

2004

10

2,638,119

48,350

2005

20

3,254,893

255,404

2006

16

1,914,538

307,060

2007

13

1,128,226

646,334

Six months ended June 30, 2008

4

38,016

416,582

Properties owned as of June 30, 2008

74

10,977,945

1,873,119

(1)

Excludes properties sold in 2007 and 2006: 100 Technology Center Drive (March 2007), 4055 Valley View Lane (March 2007) and 7979 East Tufts Avenue (July 2006). Also excludes a
leasehold interest acquired in March 2007 related to an acquisition made in 2006.

(2)

Excludes space held for redevelopment.

(3)

Redevelopment space is unoccupied space that requires significant capital investment in order to develop datacenter facilities that are ready for use. Most often this is shell
space. However, in certain circumstances this may include partially built datacenter space that was not completed by previous ownership and requires a large capital investment in order to build out the space. The amounts included in this table
represent redevelopment space as of June 30, 2008 in the properties acquired during the relevant period.

As of June 30, 2008, the properties in our portfolio were approximately 95.2% leased excluding 1.9 million
square feet held for redevelopment. Due to the capital intensive and long term nature of the operations being supported, our lease terms are generally longer than standard commercial leases. As of June 30, 2008, our original average lease term
was in excess of 13 years, with an average of seven years remaining. The majority of our leasing since the completion of our initial public offering in November 2004 has been at lease terms shorter than 12 years. Our lease expirations through
December 31, 2009 are 6.5% of net rentable square feet excluding space held for redevelopment as of June 30, 2008. Operating revenues from properties outside the United States were $11.5 million and $7.8 million for the three months ended
June 30, 2008 and 2007, respectively and $22.3 million and $15.2 million for the six months ended June 30, 2008 and 2007, respectively.

Our Company. We completed our initial public offering of common stock (IPO) on November 3, 2004. We believe that we have operated in a
manner that has enabled us to qualify, and have elected to be treated, as a Real Estate Investment Trust (REIT) under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the Code). Our company was formed on March 9, 2004.
During the period from our formation until we commenced operations in connection with the completion of our IPO we did not have any corporate activity other than the issuance of shares of common stock in connection with the initial capitalization of
the company. Any reference to our, we and us in this filing includes our company and our predecessor. Our predecessor is comprised of the real estate activities and holdings of Global Innovation Partners LLC, or
GI Partners, which GI Partners contributed to us in connection with our IPO.

Business and strategy. Our primary business objectives are to
maximize: (i) sustainable long-term growth in earnings and funds from operations per share and (ii) cash flow and returns to our stockholders. We expect to achieve our objectives by focusing on our core business of investing in and
redeveloping technology-related real estate. A significant component of our current and future internal growth is anticipated through the development of our existing space held for redevelopment and new properties. We target high quality,
strategically located properties containing applications and operations critical to the day-to-day operations of corporate enterprise datacenter and technology industry tenants and properties that may be redeveloped for such use. Most of our
properties contain fully redundant electrical supply systems, multiple power feeds, above-standard precision cooling systems, raised floor areas, extensive in-building communications cabling and high-level security systems. We focus solely on
technology-related real estate because we believe that the growth in corporate datacenter adoption and the technology-related real estate industry generally will be superior to that of the overall economy.

As of March 31, 2008, we owned an aggregate of 71 technology-related real estate properties, excluding one property held as an investment in an unconsolidated joint
venture, with 12.7 million rentable square feet including approximately 1.9 million square feet of space held for redevelopment. At March 31, 2008, approximately 548,000 square feet of our space held for redevelopment was under
construction for Turn-Key Datacenter, build-to-suit datacenter and Powered Base Building space in eight U.S. and European markets.

We have
developed detailed, standardized procedures for evaluating acquisitions to ensure that they meet our financial, technical and other criteria. We expect to continue to acquire additional assets as a key part of our growth strategy. We intend to
aggressively manage and lease our assets to increase their cash flow. We will continue to build out our redevelopment portfolio when justified by anticipated returns.

We may acquire properties subject to existing mortgage financing and other indebtedness or new indebtedness may be incurred in connection with acquiring or refinancing these properties. Debt service on such
indebtedness will have a priority over any dividends with respect to our common stock and our preferred stock. We currently intend to limit our indebtedness to 60% of our total market capitalization and, based on the closing price of our common
stock on March 31, 2008 of $35.50, our ratio of debt to total market capitalization was approximately 27% as of March 31, 2008. Our total market capitalization is defined as the sum of the market value of our outstanding common stock
(which may decrease, thereby increasing our debt to total market capitalization ratio), excluding options issued under our incentive award plan, plus the liquidation value of our preferred stock, plus the aggregate value of the units not held by us
(with the per unit value equal to the market value of one share of our common stock and excluding long-term incentive units and Class C units), plus the book value of our total consolidated indebtedness.

Revenue Base. As of March 31, 2008, we owned 71 properties through our Operating Partnership, excluding one
property held as an investment in an unconsolidated joint venture. These properties are mainly located throughout the U.S., with 12 properties located in Europe and one property in Canada. We acquired our first portfolio property in January 2002 and
have added properties as follows:

Year Ended December 31:

PropertiesAcquired (1)

Net RentableSquare FeetAcquired (2)

Square Feet ofSpace Held forRedevelopmentas of March 31,2008 (3)

2002

5

1,125,292

19,890

2003

6

878,861

179,499

2004

10

2,638,119

48,350

2005

20

3,197,238

313,059

2006

16

1,914,538

431,560

2007

13

1,041,747

606,550

Three months ended March 31, 2008

1



264,792

Properties owned as of March 31, 2008

71

10,795,795

1,863,700

(1)

Excludes properties sold in 2007 and 2006: 100 Technology Center Drive (March 2007), 4055 Valley View Lane (March 2007) and 7979 East Tufts Avenue (July 2006). Also excludes a
leasehold interest acquired in March 2007 related to an acquisition made in 2006.

(2)

Excludes space held for redevelopment.

(3)

Redevelopment space is unoccupied space that requires significant capital investment in order to develop datacenter facilities that are ready for use. Most often this is shell
space. However, in certain circumstances this may include partially built datacenter space that was not completed by previous ownership and requires a large capital investment in order to build out the space. The amounts included in this table
represent redevelopment space as of March 31, 2008 in the properties acquired during the relevant period.

As of March 31, 2008,
the properties in our portfolio were approximately 94.7% leased excluding 1.9 million square feet held for redevelopment. Due to the capital intensive and long term nature of the operations being supported, our lease terms are generally longer
than standard commercial leases. As of March 31, 2008, our original average lease term was in excess of 13 years, with an average of eight years remaining. The majority of our leasing since the completion of our initial public offering in
November 2004 has been at lease terms shorter than 12 years. Our lease expirations through December 31, 2009 are 6.7% of net rentable square feet excluding space held for redevelopment as of March 31, 2008. Operating revenues from
properties outside the United States were $10.5 million and $7.7 million for the three months ended March 31, 2008 and 2007, respectively.

Our company. We completed our initial public offering of common stock (IPO) on November 3, 2004. We believe that we have operated in a manner
that has enabled us to qualify, and have elected to be treated, as a Real Estate Investment Trust (REIT) under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the Code). Our company was formed on March 9, 2004. During
the period from our formation until we commenced operations in connection with the completion of our IPO we did not have any corporate activity other than the issuance of shares of common stock in connection with the initial capitalization of the
company. Any reference to our, we and us in this filing includes our company and our predecessor. Our predecessor is comprised of the real estate activities and holdings of Global Innovation Partners LLC, or GI
Partners, which GI Partners contributed to us in connection with our IPO.

Business and strategy. Our primary business objectives
are to maximize sustainable long-term growth in earnings, funds from operations and cash flow per share and to maximize returns to our stockholders. We expect to achieve our objectives by focusing on our core business of investing in and
redeveloping technology-related real estate. A significant component of our current and future internal growth is anticipated through the development of our existing space held for redevelopment and new properties. We target high quality,
strategically located properties containing applications and operations critical to the day-to-day operations of corporate enterprise datacenter and technology industry tenants and properties that may be redeveloped for such use. Most of our
properties contain fully redundant electrical supply systems, multiple power feeds, above-standard precision cooling systems, raised floor areas, extensive in-building communications cabling and high-level security systems. We focus solely on
technology-related real estate because we believe that the growth in corporate datacenter adoption and the technology-related real estate industry generally will be superior to that of the overall economy.

As of December 31, 2007, we own an aggregate of 70 technology-related real estate properties, excluding one property held as an investment in an
unconsolidated joint venture, with 12.3 million rentable square feet including approximately 1.8 million square feet of space held for redevelopment. At December 31, 2007, approximately 637,000 square feet of our space held for
redevelopment was under construction for Turn-Key Datacenter, build-to-suit datacenter and Powered Base Building space in 10 U.S. and European markets. We have developed detailed, standardized procedures for evaluating acquisitions to
ensure that they meet our financial, technical and other criteria. We expect to continue to acquire additional assets as a key part of our growth strategy. We intend to aggressively manage and lease our assets to increase their cash flow. We will
continue to build out our redevelopment portfolio when justified by anticipated returns.

We may acquire properties subject to existing
mortgage financing and other indebtedness or new indebtedness may be incurred in connection with acquiring or refinancing these properties. Debt service on such indebtedness will have a priority over any dividends with respect to our common stock
and our preferred stock. We currently intend to limit our indebtedness to 60% of our total market capitalization and, based on the closing price of our common stock on December 31, 2007 of $38.37, our ratio of debt to total market
capitalization was approximately 31% as of December 31, 2007. Our total market capitalization is defined as the sum of the market

value of our outstanding common stock (which may decrease, thereby increasing our debt to total market capitalization ratio), excluding options issued under
our incentive award plan, plus the liquidation value of our preferred stock, plus the aggregate value of the units not held by us (with the per unit value equal to the market value of one share of our common stock and excluding long-term incentive
units and Class C units), plus the book value of our total consolidated indebtedness.

In addition, we may sell properties from time to
time that no longer meet our business objectives. In June 2006, 7979 East Tufts Avenue met the criteria to be presented as held for sale, which resulted in the reclassification of the operating results of this property to discontinued
operations for all periods presented. This property was sold on July 12, 2006. In addition, we sold 100 Technology Center Drive and 4055 Valley View Lane on March 20, 2007 and March 30, 2007, respectively and the results of
operations for these properties have also been reclassified as discontinued operations for all periods presented.

Revenue Base. As
of December 31, 2007, we owned 70 properties through our Operating Partnership, excluding one property held as an investment in an unconsolidated joint venture. These properties are mainly located throughout the U.S., with 12 properties located
in Europe and one property in Canada. We acquired our first portfolio property in January 2002 and have added properties as follows:

Year Ended December 31:

PropertiesAcquired(1)

Net RentableSquare FeetAcquired(2)

Square Feet of Space Heldfor Redevelopment as ofDecember 31, 2007(3)

2002

5

1,125,292

19,890

2003

6

878,861

179,499

2004

10

2,678,836

7,633

2005

20

3,085,865

424,432

2006

16

1,838,188

507,910

2007

13

919,969

614,864

Properties owned as of December 31, 2007

70

10,527,011

1,754,228

(1)

Excludes properties sold in 2007 and 2006: 100 Technology Center Drive (March 2007), 4055 Valley View Lane (March 2007) and 7979 East Tufts Avenue (July 2006). Also excludes a
leasehold interest acquired in March 2007 related to an acquisition made in 2006.

(2)

Excludes space held for redevelopment.

(3)

Redevelopment space is unoccupied space that requires significant capital investment in order to develop datacenter facilities that are ready for use. Most often this is shell
space. However, in certain circumstances this may include partially built datacenter space that was not completed by previous ownership and requires a large capital investment in order to build out the space. The amounts included in this table
represent redevelopment space as of December 31, 2007 in the properties acquired during the relevant period.

As of
December 31, 2007, the properties in our portfolio were approximately 94.7% leased excluding 1.8 million square feet held for redevelopment. Due to the capital intensive and long term nature of the operations being supported, our lease
terms are generally longer than standard commercial leases. As of December 31, 2007, our original average lease term was approximately 12 years, with an average of eight years remaining. Leasing since the completion of our initial public
offering in November 2004 has been at lease terms shorter than 12 years. Our lease expirations through December 31, 2009 are 8.1% of net rentable square feet excluding space held for redevelopment as of December 31, 2007. Operating
revenues from properties outside the United States were $34.2 million, $13.2 million and $6.0 million for the years ended December 31, 2007, 2006 and 2005, respectively.

Operating expenses. Our operating expenses generally consist of utilities, property and ad valorem taxes, property management fees, insurance and
site operating and maintenance costs, as well as rental expenses. Since the consummation of our IPO, our asset management function has been internalized and we currently incur our

general and administrative expenses directly. Prior to April 2005, we had a transition services agreement with CB Richard Ellis Investors with respect to
transitional accounting and other services. In addition, as a public company, we incur significant legal, accounting and other expenses related to corporate governance, U.S. Securities and Exchange Commission reporting and compliance with the
various provisions of Sarbanes-Oxley Act of 2002. In addition, we engage third-party property managers to manage most of our properties.

Overview

STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%">Our company. We completed our initial public offering of common stock (IPO) on November 3, 2004. We believe that we have operated in a mannerthat has enabled us to qualify, and have elected to be treated, as a Real Estate Investment Trust (REIT) under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the Code). Our company was formed on March 9, 2004. Duringthe period from our formation until we commenced operations in connection with the completion of our IPO we did not have any corporate activity other than the issuance of shares of common stock in connection with the initial capitalization of thecompany. Any reference to our, we and us in this filing includes our company and our predecessor. Our predecessor is comprised of the real estate activities and holdings of Global Innovation Partners LLC, or GIPartners, which GI Partners contributed to us in connection with our IPO.

Business and strategy. Our primary business objectivesare to maximize sustainable long-term growth in earnings, funds from operations and cash flow per share and to maximize returns to our stockholders. We expect to achieve our objectives by focusing on our core business of investing in andredeveloping technology-related real estate. A significant component of our current and future internal growth is anticipated through the development of our existing space held for redevelopment and new properties. We target high quality,strategically located properties containing applications and operations critical to the day-to-day operations of corporate enterprise datacenter and technology industry tenants and properties that may be redeveloped for such use. Most of ourproperties contain fully redundant electrical supply systems, multiple power feeds, above-standard precision cooling systems, raised floor areas, extensive in-building communications cabling and high-level security systems. We focus solely ontechnology-related real estate because we believe that the growth in corporate datacenter adoption and the technology-related real estate industry generally will be superior to that of the overall economy.

STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%">As of December 31, 2007, we own an aggregate of 70 technology-related real estate properties, excluding one property held as an investment in anunconsolidated joint venture, with 12.3 million rentable square feet including approximately 1.8 million square feet of space held for redevelopment. At December 31, 2007, approximately 637,000 square feet of our space held forredevelopment was under construction for Turn-Key Datacenter, build-to-suit datacenter and Powered Base Building space in 10 U.S. and European markets. We have developed detailed, standardized procedures for evaluating acquisitions toensure that they meet our financial, technical and other criteria. We expect to continue to acquire additional assets as a key part of our growth strategy. We intend to aggressively manage and lease our assets to increase their cash flow. We willcontinue to build out our redevelopment portfolio when justified by anticipated returns.

We may acquire properties subject to existingmortgage financing and other indebtedness or new indebtedness may be incurred in connection with acquiring or refinancing these properties. Debt service on such indebtedness will have a priority over any dividends with respect to our common stockand our preferred stock. We currently intend to limit our indebtedness to 60% of our total market capitalization and, based on the closing price of our common stock on December 31, 2007 of $38.37, our ratio of debt to total marketcapitalization was approximately 31% as of December 31, 2007. Our total market capitalization is defined as the sum of the market

value of our outstanding common stock (which may decrease, thereby increasing our debt to total market capitalization ratio), excluding options issued underour incentive award plan, plus the liquidation value of our preferred stock, plus the aggregate value of the units not held by us (with the per unit value equal to the market value of one share of our common stock and excluding long-term incentiveunits and Class C units), plus the book value of our total consolidated indebtedness.

In addition, we may sell properties from time totime that no longer meet our business objectives. In June 2006, 7979 East Tufts Avenue met the criteria to be presented as held for sale, which resulted in the reclassification of the operating results of this property to discontinuedoperations for all periods presented. This property was sold on July 12, 2006. In addition, we sold 100 Technology Center Drive and 4055 Valley View Lane on March 20, 2007 and March 30, 2007, respectively and the results ofoperations for these properties have also been reclassified as discontinued operations for all periods presented.

Revenue Base. Asof December 31, 2007, we owned 70 properties through our Operating Partnership, excluding one property held as an investment in an unconsolidated joint venture. These properties are mainly located throughout the U.S., with 12 properties locatedin Europe and one property in Canada. We acquired our first portfolio property in January 2002 and have added properties as follows:

Redevelopment space is unoccupied space that requires significant capital investment in order to develop datacenter facilities that are ready for use. Most often this is shellspace. However, in certain circumstances this may include partially built datacenter space that was not completed by previous ownership and requires a large capital investment in order to build out the space. The amounts included in this tablerepresent redevelopment space as of December 31, 2007 in the properties acquired during the relevant period.

As ofDecember 31, 2007, the properties in our portfolio were approximately 94.7% leased excluding 1.8 million square feet held for redevelopment. Due to the capital intensive and long term nature of the operations being supported, our leaseterms are generally longer than standard commercial leases. As of December 31, 2007, our original average lease term was approximately 12 years, with an average of eight years remaining. Leasing since the completion of our initial publicoffering in November 2004 has been at lease terms shorter than 12 years. Our lease expirations through December 31, 2009 are 8.1% of net rentable square feet excluding space held for redevelopment as of December 31, 2007. Operatingrevenues from properties outside the United States were $34.2 million, $13.2 million and $6.0 million for the years ended December 31, 2007, 2006 and 2005, respectively.

general and administrative expenses directly. Prior to April 2005, we had a transition services agreement with CB Richard Ellis Investors with respect totransitional accounting and other services. In addition, as a public company, we incur significant legal, accounting and other expenses related to corporate governance, U.S. Securities and Exchange Commission reporting and compliance with thevarious provisions of Sarbanes-Oxley Act of 2002. In addition, we engage third-party property managers to manage most of our properties.